Before you dive into a major renovation project to give a house your special signature, consider how long you’re likely to stay in the house.
A lot of people get into trouble by going into a home they’re only going to be in for a relatively short period of time, and they start doing renovations and additions that are sort of on their fantasy list, but they’re not going to be there long enough to really enjoy.
Here are four reasons to proceed with caution, particularly if you want to maximize your chances of a profitable resale later on.
1. High maintenance – If your upgrade requires too much upkeep, buyers may view it as more of a nuisance than an asset. A prime example is an in-ground swimming pool, which can cost a small fortune to install, secure, heat and clean.
2. Overdressed – Luxurious amenities can be a good selling point, but only if they blend in with rather than outshine what the neighbors have. Having the nicest home in the neighborhood can be a bad thing when it’s time to sell. A prime example would be upgrading the kitchen in an entry leval home to reflect remodeling from high-end home magazines.
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4 Comments on Housing Upgrades That Don’t Pay
I always tell my clients to think about the improvements they are going to make. A lot of them would be over-improvement, if they cannot get back the money they spend to improve
Kamal, Sound advice! I see a lot of over imporved properties. Now if you want to improve to enjoy that is another issue - just don't ask for it at home sale time ;)
Jo... it always saddens me when I go on a listing, and the sellers read off a list of many things they have done to "upgrade" there home... and then I have to tell them that they will be extremely lucky just to get even half of their money back.
I had one that was going to yard the mobile home off and build. Instaed they remodeled a pre HUD that won't finance.
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